49640 Property Tax Rate

Property owners in ZIP code 49640 (Honor, Michigan) pay a median of $2,312/year in property taxes on homes valued at $285,000. This translates to an effective tax rate of 0.81%, which is 34% below the Michigan state average of 1.22%.

The monthly property tax burden for a median-valued home in 49640 is approximately $193, which factors into escrow payments on mortgages. This ZIP code is located within Benzie County.

Compared to similar ZIP codes in Michigan, 49640 has lower property taxes. ZIP codes with similar effective rates include 49634 (0.81%) and 49682 (0.81%).

In Honor, property taxes represent approximately 2.8% of the median household income of $83,750, providing context for the relative tax burden on homeowners in this area.

Michigan's Proposal A reassesses your property to market value at purchase, replacing the prior owner's capped annual increase arrangement. The Principle Residence Exemption (PRE) reduces school operating taxes for owner-occupied homes — submit your claim to the Benzie County Assessor by March 1 of the following year to capture the exemption. File your PRE application with the Benzie County Assessor within 30 days of closing to ensure the exemption takes effect on January 1.